I agree with what you said. I was just saying that I hope countries will begin to slowly lower tax rates with time and competitive pressure.
Off-shore Banking Question..
- Thread starter TudorJones
- Start date
I agree with what you said. I was just saying that I hope countries will begin to slowly lower tax rates with time and competitive pressure.
"A guarantee of bank secrecy was added to the Swiss Constitution in 2005 "
http://baumanblog.sovereignsociety.com/2008/07/does-ubs-have-t.html
Just read Baumans blog. It contains lots of good info.
Thanks !
"Non-payment of foreign taxes is not a crime in Switzerland, but "tax fraud" is"
Anybody can give an example what the difference is about the above 2 ?
fyi: UBS is stopping offshore banking - they were apparently muscled into shape!
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date=20080717&id=8907801
WASHINGTON (Reuters) - Swiss bank UBS AG will discontinue offshore banking and securities services to U.S. residents through its branches, a UBS executive said on Thursday at a congressional hearing on offshore tax havens.
Mark Branson, chief financial officer for UBS Global Wealth Management and Business Banking, told a Senate subcommittee the bank was also working with the U.S. government to identify U.S. clients who may have engaged in tax fraud.
"Client identity is generally protected from disclosure under Swiss law," Branson said.
But those protections do not apply in connection with an investigation of tax fraud and when requests are presented to the Swiss government through legal channels, he said.
Branson said that, while UBS is winding down the business of providing offshore banking and securities services to U.S. residents, there will be "no new accounts opened."
He said client advisers based in Switzerland will not be allowed to travel to the United States "for the purpose of meeting" with U.S. clients.
The hearing came after a six-month investigation by the Senate Permanent Subcommittee on Investigations into tax practices by UBS and LGT Bank of Liechtenstein.
The probe found the banks helped U.S. clients avoid taxes through complex offshore structures to hide assets.
Subcommittee Chairman Sen. Carl Levin, a Democrat from Michigan, said he was surprised by UBS' announcement.
Levin said he hoped it would serve as an impetus for other banks.
"We can't get every bank in front of us to do what they did," he told reporters after the hearing.
(Reporting by Rachelle Younglai; Editing by Andre Grenon)
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date=20080717&id=8907801
WASHINGTON (Reuters) - Swiss bank UBS AG will discontinue offshore banking and securities services to U.S. residents through its branches, a UBS executive said on Thursday at a congressional hearing on offshore tax havens.
Mark Branson, chief financial officer for UBS Global Wealth Management and Business Banking, told a Senate subcommittee the bank was also working with the U.S. government to identify U.S. clients who may have engaged in tax fraud.
"Client identity is generally protected from disclosure under Swiss law," Branson said.
But those protections do not apply in connection with an investigation of tax fraud and when requests are presented to the Swiss government through legal channels, he said.
Branson said that, while UBS is winding down the business of providing offshore banking and securities services to U.S. residents, there will be "no new accounts opened."
He said client advisers based in Switzerland will not be allowed to travel to the United States "for the purpose of meeting" with U.S. clients.
The hearing came after a six-month investigation by the Senate Permanent Subcommittee on Investigations into tax practices by UBS and LGT Bank of Liechtenstein.
The probe found the banks helped U.S. clients avoid taxes through complex offshore structures to hide assets.
Subcommittee Chairman Sen. Carl Levin, a Democrat from Michigan, said he was surprised by UBS' announcement.
Levin said he hoped it would serve as an impetus for other banks.
"We can't get every bank in front of us to do what they did," he told reporters after the hearing.
(Reporting by Rachelle Younglai; Editing by Andre Grenon)